Dr. Nigel Clarke: Fitch affirms Jamaica's rating at B+, outlook remains stable Ignoring fiscal rules would have led to a downgrade, Clarke points out

Friday, March 19, 2021

Dr. Nigel Clarke

Fitch Ratings yesterday affirmed Jamaica's long-term foreign currency issuer default rating at B+ with the outlook remaining stable, the Ministry of Finance revealed last evening.

The news came amidst a verbal joust between Finance Minister Dr Nigel Clarke and the Opposition over the latter's proposal for additional spending in the proposed 2021/22 budget.

Last week, Opposition spokesman on finance Julian Robinson had urged the Government to increase the budget by one per cent of the country's gross domestic product (GDP), or $21.5 billion, to stimulate quicker growth, given the blow to the economy delivered by COVID-19.

“The Jamaican economy will grow faster if there is greater spend,” Robinson had insisted in his presentation to the budget debate last Thursday. more